NADEC H1 2023 profit soars to SAR 102.8 mln; Q2 at SAR 65.1 mln

30/07/2023 Argaam Exclusive

National Agricultural Development Co. (NADEC) posted a net profit of SAR 102.8 million in the first half of 2023, compared with SAR 42.6 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 1,321.28 1,535.27 16.2 %
Gross Income 382.56 574.03 50.1 %
Operating Income 72.41 152.72 110.9 %
Net Income 42.62 102.82 141.3 %
Average Shares 212.89 212.89 -
EPS (Riyals) 0.20 0.48 141.3 %

In the six-month period, revenue increased by 16.20% year-on-year (YoY), driven mainly by higher sales of the dairy and food processing sector.

 

The percentage of cost of sales to revenues decreased in H1 2023 by 8.44% YoY on higher selling prices.

 

During the six-month period, NADEC recognized an amount of SAR 6.40 million, which represents its share of profit from a joint venture investment, against a loss of SAR 8.16 million the similar period last year.

 

However, selling and marketing expenses increased by 16.60% YoY in H1 2023. General and administrative expenses also rose by 22.17% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 707.75 785.86 11.0 %
Gross Income 191.37 295.88 54.6 %
Operating Income 37.43 86.88 132.1 %
Net Income 27.49 65.13 136.9 %
Average Shares 212.89 212.89 -
EPS (Riyals) 0.13 0.31 136.9 %

The second-quarter net profit after Zakat and tax rose 136.9% to SAR 65.13 million, from SAR 27.49 million in Q2 2022, mainly due to higher revenues and lower cost of sales to revenues.

 

Compared to Q1 2023, the company’s net profit leapt 72.8% from SAR 37.69 million.

 

Shareholders’ equity, no minority interest, reached SAR 1.39 billion by the end of H1 2023, from SAR 1.23 billion in the year-earlier period.

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Share Price

National Agricultural Development Co.
26.50
0.00 0.00 %

National Agricultural Development Co. (NADEC)

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Financial Ratios
Current
Market Cap (M Riyal) 7,993.46
Enterprise Value (EV) (M) 6,719.96
Shares Outstanding ((M)) 301.64
EPS ( Riyal) (TTM) 1.49
Book Value (BV) ( Riyal) 13.00
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.83
P/E (TTM) 17.74
Price/book 2.04
Return on Average Assets (%) (TTM) 9.3
Return on Average Equity (%) (TTM) 16.7
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 484.04 14.0 % 181.66 12.2 % 34.41 30.9 %
Q2 2014 575.64 6.0 % 209.51 13.6 % 34.61 (8.3 %)
Q3 2014 504.62 (1.5 %) 202.12 6.7 % 48.70 17.4 %
Q4 2014 508.06 13.3 % 181.69 7.6 % 30.03 21.5 %
Q1 2015 534.41 10.4 % 201.91 11.2 % 36.82 7.0 %
Q2 2015 689.65 19.8 % 258.42 23.3 % 49.92 44.2 %
Q3 2015 566.66 12.3 % 241.42 19.4 % 56.31 15.6 %
Q4 2015 553.18 8.9 % 248.35 36.7 % 43.29 44.1 %
Q1 2016 509.36 (4.7 %) 202.88 0.5 % 39.53 7.4 %
Q2 2016 638.59 (7.4 %) 245.44 (5.0 %) 52.82 5.8 %
Q3 2016 550.24 (2.9 %) 203.74 (15.6 %) 52.15 (7.4 %)
Q4 2016 478.32 (13.5 %) 186.58 (24.9 %) 30.39 (29.8 %)
Q1 2017 481.94 (5.4 %) 183.29 (9.7 %) 23.14 (41.5 %)
Q2 2017 578.64 (9.4 %) 203.13 (17.2 %) 28.67 (45.7 %)
Q3 2017 510.76 (7.2 %) 179.16 (12.1 %) 26.24 (49.7 %)
Q4 2017 461.14 (3.6 %) 165.50 (11.3 %) 1.98 (93.5 %)
Q1 2018 474.09 (1.6 %) 162.54 (11.3 %) 19.36 (16.3 %)
Q2 2018 559.72 (3.3 %) 212.38 4.6 % 39.58 38.1 %
Q3 2018 574.71 12.5 % 221.26 23.5 % 58.99 124.8 %
Q4 2018 487.52 5.7 % 178.90 8.1 % 12.54 534.4 %
Q1 2019 530.47 11.9 % 203.27 25.1 % 42.88 121.5 %
Q2 2019 604.19 7.9 % 227.57 7.2 % 53.48 35.1 %
Q3 2019 578.45 0.7 % 218.31 (1.3 %) 62.51 6.0 %
Q4 2019 512.15 5.1 % 195.44 9.2 % 33.01 163.2 %
Q1 2020 559.15 5.4 % 202.47 (0.4 %) 36.07 (15.9 %)
Q2 2020 608.06 0.6 % 211.64 (7.0 %) 33.04 (38.2 %)
Q3 2020 587.23 1.5 % 182.87 (16.2 %) 10.01 (84.0 %)
Q4 2020 548.62 7.1 % 128.87 (34.1 %) (14.98) (145.4 %)
Q1 2021 540.96 (3.3 %) 174.60 (13.8 %) 24.66 (31.6 %)
Q2 2021 548.74 (9.8 %) 167.19 (21.0 %) 11.52 (65.1 %)
Q3 2021 610.76 4.0 % 180.66 (1.2 %) 24.74 147.2 %
Q4 2021 571.86 4.2 % 108.40 (15.9 %) (67.24) (348.9 %)
Q1 2022 613.53 13.4 % 191.19 9.5 % 34.98 41.8 %
Q2 2022 707.75 29.0 % 191.37 14.5 % 37.43 224.9 %
Q3 2022 702.67 15.0 % 220.39 22.0 % 48.97 97.9 %
Q4 2022 670.30 17.2 % 205.39 89.5 % 38.17 156.8 %
Q1 2023 749.41 22.1 % 278.15 45.5 % 65.84 88.2 %
Q2 2023 785.86 11.0 % 295.88 54.6 % 86.88 132.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 24.77 10.9 % 0.12 - 24.77 0.12
Q2 2014 28.00 (6.7 %) 0.13 - 28.00 0.13
Q3 2014 34.41 4.2 % 0.16 - 34.41 0.16
Q4 2014 20.02 35.2 % 0.09 - 20.02 0.09
Q1 2015 26.16 5.6 % 0.12 - 26.16 0.12
Q2 2015 35.10 25.4 % 0.16 - 35.10 0.16
Q3 2015 45.69 32.8 % 0.21 - 45.69 0.21
Q4 2015 34.37 71.7 % 0.16 (3.97) 38.35 0.18
Q1 2016 23.75 (9.2 %) 0.11 (1.86) 25.60 0.12
Q2 2016 35.57 1.3 % 0.17 (3.45) 39.02 0.18
Q3 2016 28.65 (37.3 %) 0.13 (4.88) 33.53 0.16
Q4 2016 6.26 (81.8 %) 0.03 (10.85) 17.11 0.08
Q1 2017 4.34 (81.7 %) 0.02 - 4.34 0.02
Q2 2017 25.89 (27.2 %) 0.12 22.00 3.89 0.02
Q3 2017 17.33 (39.5 %) 0.08 7.69 9.63 0.05
Q4 2017 (7.61) (221.5 %) (0.04) - (7.61) (0.04)
Q1 2018 (5.02) (215.9 %) (0.02) - (5.02) (0.02)
Q2 2018 19.51 (24.6 %) 0.09 - 19.51 0.09
Q3 2018 35.13 102.8 % 0.17 - 35.13 0.17
Q4 2018 (47.88) (529.4 %) (0.22) (52.68) 4.79 0.02
Q1 2019 (3.67) 26.9 % (0.02) (20.77) 17.10 0.08
Q2 2019 7.07 (63.8 %) 0.03 (24.71) 31.77 0.15
Q3 2019 49.32 40.4 % 0.23 2.35 46.97 0.22
Q4 2019 (60.01) (25.3 %) (0.28) (79.80) 19.79 0.09
Q1 2020 18.19 595.3 % 0.09 - 18.19 0.09
Q2 2020 131.63 1763.1 % 0.62 111.61 20.01 0.09
Q3 2020 (44.89) (191.0 %) (0.21) (43.89) (1.01) 0.00
Q4 2020 (69.27) (15.4 %) (0.33) (57.25) (12.02) (0.06)
Q1 2021 6.37 (65.0 %) 0.03 - 6.37 0.03
Q2 2021 (17.35) (113.2 %) (0.08) - (17.35) (0.08)
Q3 2021 3.21 107.2 % 0.02 - 3.21 0.02
Q4 2021 (277.26) (300.3 %) (1.30) (148.59) (128.66) (0.60)
Q1 2022 15.12 137.6 % 0.07 - 15.12 0.07
Q2 2022 27.49 258.5 % 0.13 - 27.49 0.13
Q3 2022 27.75 763.6 % 0.13 - 27.75 0.13
Q4 2022 25.12 109.1 % 0.12 - 25.12 0.12
Q1 2023 37.69 149.2 % 0.18 - 37.69 0.18
Q2 2023 65.13 136.9 % 0.31 - 65.13 0.31

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 36.45 % 17.46 % 4.88 %
Q2 2014 37.10 % 17.35 % 4.92 %
Q3 2014 37.87 % 17.98 % 5.14 %
Q4 2014 37.40 % 18.12 % 5.17 %
Q1 2015 37.46 % 18.15 % 5.12 %
Q2 2015 37.74 % 18.33 % 5.17 %
Q3 2015 38.43 % 18.61 % 5.52 %
Q4 2015 40.54 % 19.28 % 6.20 %
Q1 2016 41.01 % 20.08 % 6.24 %
Q2 2016 41.37 % 21.22 % 6.55 %
Q3 2016 39.99 % 21.73 % 6.06 %
Q4 2016 38.53 % 22.08 % 5.30 %
Q1 2017 38.11 % 22.18 % 4.37 %
Q2 2017 37.18 % 21.65 % 2.82 %
Q3 2017 36.70 % 21.04 % 1.71 %
Q4 2017 35.97 % 20.18 % 0.50 %
Q1 2018 35.08 % 19.38 % 0.04 %
Q2 2018 35.88 % 19.59 % 0.82 %
Q3 2018 36.80 % 19.85 % 2.03 %
Q4 2018 36.98 % 19.22 % 2.60 %
Q1 2019 37.90 % 19.55 % 3.56 %
Q2 2019 37.83 % 19.83 % 4.04 %
Q3 2019 37.63 % 19.99 % 4.57 %
Q4 2019 37.96 % 21.11 % 5.20 %
Q1 2020 37.44 % 20.91 % 5.18 %
Q2 2020 36.67 % 20.23 % 4.65 %
Q3 2020 34.96 % 17.94 % 2.51 %
Q4 2020 31.52 % 15.49 % 1.09 %
Q1 2021 30.55 % 14.84 % 0.58 %
Q2 2021 29.36 % 13.99 % (1.08 %)
Q3 2021 28.96 % 14.30 % (0.88 %)
Q4 2021 27.76 % 11.60 % (6.00 %)
Q1 2022 27.61 % 11.42 % (5.44 %)
Q2 2022 26.82 % 11.44 % (3.31 %)
Q3 2022 27.40 % 11.63 % (2.25 %)
Q4 2022 30.00 % 14.77 % 3.54 %
Q1 2023 31.63 % 14.93 % 4.17 %
Q2 2023 34.38 % 16.11 % 5.35 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 212.89 0.48 0.46 5.53
Q2 2014 212.89 0.47 0.47 5.66
Q3 2014 212.89 0.48 0.49 5.82
Q4 2014 212.89 0.50 0.50 5.91
Q1 2015 212.89 0.51 0.51 5.87
Q2 2015 212.89 0.54 0.54 6.03
Q3 2015 212.89 0.60 0.60 6.25
Q4 2015 212.89 0.66 0.68 6.41
Q1 2016 212.89 0.65 0.68 6.48
Q2 2016 212.89 0.65 0.70 6.52
Q3 2016 212.89 0.57 0.64 6.66
Q4 2016 212.89 0.44 0.54 6.66
Q1 2017 212.89 0.35 0.44 6.68
Q2 2017 212.89 0.31 0.28 6.70
Q3 2017 212.89 0.25 0.16 6.78
Q4 2017 212.89 0.19 0.05 6.70
Q1 2018 212.89 0.14 0.00 6.67
Q2 2018 212.89 0.11 0.08 6.76
Q3 2018 212.89 0.20 0.20 6.93
Q4 2018 212.89 0.01 0.26 6.79
Q1 2019 212.89 0.01 0.36 6.78
Q2 2019 212.89 (0.04) 0.42 6.81
Q3 2019 212.89 0.02 0.47 7.04
Q4 2019 212.89 (0.03) 0.54 6.77
Q1 2020 212.89 0.07 0.55 6.85
Q2 2020 212.89 0.65 0.49 7.47
Q3 2020 212.89 0.21 0.27 7.26
Q4 2020 212.89 0.17 0.12 6.94
Q1 2021 212.89 0.11 0.06 6.97
Q2 2021 212.89 (0.59) (0.11) 6.89
Q3 2021 212.89 (0.36) (0.09) 6.91
Q4 2021 212.89 (1.34) (0.64) 5.62
Q1 2022 212.89 (1.30) (0.60) 5.69
Q2 2022 212.89 (1.09) (0.39) 5.82
Q3 2022 212.89 (0.97) (0.27) 5.95
Q4 2022 212.89 0.45 0.45 6.08
Q1 2023 212.89 0.55 0.55 6.26
Q2 2023 212.89 0.73 0.73 6.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 33.06 34.94 2.88
Q2 2014 40.87 41.35 3.41
Q3 2014 44.06 43.45 3.63
Q4 2014 28.33 28.33 2.41
Q1 2015 35.79 35.79 3.11
Q2 2015 31.73 31.73 2.86
Q3 2015 25.57 25.57 2.44
Q4 2015 24.77 24.10 2.57
Q1 2016 16.88 16.20 1.70
Q2 2016 18.70 17.53 1.88
Q3 2016 17.66 15.83 1.52
Q4 2016 30.52 24.95 2.03
Q1 2017 45.43 36.17 2.39
Q2 2017 49.85 55.16 2.28
Q3 2017 66.87 More than 100 2.49
Q4 2017 97.21 More than 100 2.72
Q1 2018 More than 100 More than 100 3.30
Q2 2018 More than 100 More than 100 2.98
Q3 2018 90.13 90.13 2.57
Q4 2018 More than 100 64.96 2.44
Q1 2019 More than 100 42.34 2.25
Q2 2019 NEG 32.71 2.00
Q3 2019 More than 100 31.49 2.11
Q4 2019 NEG 28.65 2.30
Q1 2020 More than 100 22.52 1.80
Q2 2020 28.94 38.36 2.53
Q3 2020 More than 100 81.02 2.99
Q4 2020 More than 100 More than 100 2.90
Q1 2021 More than 100 More than 100 3.06
Q2 2021 NEG NEG 3.95
Q3 2021 NEG NEG 3.58
Q4 2021 NEG NEG 3.66
Q1 2022 NEG NEG 3.60
Q2 2022 NEG NEG 3.65
Q3 2022 NEG NEG 2.93
Q4 2022 30.80 30.80 2.27
Q1 2023 33.73 33.73 2.99
Q2 2023 38.21 38.21 4.26

Business Segments (Million)

Compared With The
Period Diary and food production Sector Agricultural Activity Adjustments
Q1 2014 450.00 34.00 -
Q2 2014 494.00 82.00 -
Q3 2014 475.00 29.00 -
Q4 2014 457.00 51.00 -
Q1 2015 478.00 56.00 -
Q2 2015 563.00 134.00 -
Q3 2015 468.00 54.00 -
Q4 2015 514.00 62.00 -
Q1 2016 477.97 50.36 (18.98)
Q2 2016 557.12 153.10 (71.63)
Q3 2016 501.92 130.07 (81.74)
Q4 2016 440.00 115.34 (77.02)
Q1 2017 454.05 49.71 (21.83)
Q2 2017 522.99 155.92 (100.26)
Q3 2017 463.36 140.82 (93.43)
Q4 2017 419.96 116.16 (74.98)
Q1 2018 435.05 72.91 (33.88)
Q2 2018 485.11 149.04 (74.44)
Q3 2018 506.35 155.11 (86.76)
Q4 2018 460.47 65.34 (38.29)
Q1 2019 502.12 50.71 (22.36)
Q2 2019 559.68 59.21 (14.69)
Q3 2019 542.40 55.99 (19.94)
Q4 2019 495.71 33.58 (17.15)
Q1 2020 529.79 48.62 (19.26)
Q2 2020 572.05 49.27 (13.26)
Q3 2020 557.70 54.97 (25.44)
Q4 2020 502.70 68.38 (22.46)
Q3 2021 587.74 46.93 (23.91)
Q4 2021 540.45 44.65 (13.24)
Q1 2022 596.91 33.17 (16.55)
Q2 2022 660.80 62.49 (15.54)
Q3 2022 687.01 24.59 (8.93)
Q4 2022 655.77 23.08 (8.55)
Q1 2023 749.16 11.43 (11.18)
Q2 2023 736.85 63.62 (14.62)

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 51.50 65.13 26.47 %

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Al Rajhi Capital 65.00 65.13 0.2 %
Hermes 38.00 65.13 71.4 %

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